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Cable Update - Continued 61 replies

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Cable Update (GBPUSD)

Quoting ScalaFX
{quote} Underwater, adding 60, 70, 80, 90, 2500, hope for drop to 2400
All active! waiting for a drop
People don't plan to lose. They lose because they don't plan.
Quoting jerndpgmail
{quote} Every post of your are looks like opposite happening.
i think i got it this time
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Quoting jerndpgmail
{quote} Every post of your are looks like opposite happening.
moty is right Gu is over bought we should expect a retest, moreover retail traders are switching their shorts to longs and we all know those folks like losing money
Never, ever argue with your trading system
Quoting Moty
{quote} i think i got it this time {image}
lets hope sir.. to much loss
Quoting Moty
{quote} i think i got it this time {image}
I just don't see the logic in holding a trade for a 150+ pip loss in the vain hope it'll come back down because that's all that is happening right now. Hope. Hope has zero place in trading.
Sold GU take profit 1.2460 ,equal lows on m5
Quoting TheForexDen
{quote} I just don't see the logic in holding a trade for a 150+ pip loss in the vain hope it'll come back down because that's all that is happening right now. Hope. Hope has zero place in trading.
A lot of assumptions in your statement. Not even the biggest bank can tell you holding a 150 pip loss trade is in vain. You simply don't have the facts to decide that. Some people bought 1.2400 last week and price dumped to 1.2285. That was minus 115. Now price is above 1.25 and that is plus 115 for them. There is a trader here called ccin (cannot remember correctly) who holds undress and hundreds in minus and yet comes out overall in profit.

I personally don't trade that way, but who am I to condemn those who do? The real focus should be money management. An account of 1000 I can trade 0.02 and allow minus 300 in a sell trade while I am buying in between and making profit. If you make educated, statistical estimate of the monthly and weekly ranges like Georginson does then minus truly means nothing, as you can average out the trades with a hedge or whatever method suits you.
https://www.myfxbook.com/members/mitiblotch/mt5-10567385/9464692
Quoting LitEU
{quote} moty is right Gu is over bought we should expect a retest, moreover retail traders are switching their shorts to longs and we all know those folks like losing money
Quite literally the opposite is happening. Retail traders are adding to their shorts hence why price is continuing to rise.
Quoting TheForexDen
{quote} I just don't see the logic in holding a trade for a 150+ pip loss in the vain hope it'll come back down because that's all that is happening right now. Hope. Hope has zero place in trading.
One thing a trader should not do is argue with his trading system, let moty cook he knows whats best for his portfolio...Moreover he's confident his portfolio can tank whatever lose or win at the end.
Its just like holding a trade over night it takes guts and trading psychology
Never, ever argue with your trading system
Quoting Mitiblotch
{quote} A lot of assumptions in your statement. Not even the biggest bank can tell you holding a 150 pip loss trade is in vain. You simply don't have the facts to decide that. Some people bought 1.2400 last week and price dumped to 1.2285. That was minus 115. Now price is above 1.25 and that is plus 115 for them. There is a trader here called ccin (cannot remember correctly) who holds undress and hundreds in minus and yet comes out overall in profit. I personally don't trade that way, but who am I to condemn those who do? The real focus should be...
I can assure you Moty does not trade with those losses in mind. He regularly posts screenshots of his account with a few $ in yet trades 0.2/0.3 lots often. It is doomed to fail. I have absolutely no issue with people trading small accounts, everyone has to start somewhere.
short

level on chart
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Quoting gespiri
{quote} To confuse us even more. Just follow the 4hr candle before LO for the day's direction....but remember to use stops. I only have the following: 1) daily open (current and previous), and weekly open (current and previous) for trade entries. 2) daily pivot and S/R levels to support item 1 (above), weekly and monthly for possible TP levels 3) 21EMA ONLY on day charts...daily close has to be above/below for overall trend The rest is just noise and time wasted looking at charts 8+ hours a day.
FYI, daily R3 and weekly R1 just hit. Good possibility of retracement here down to WPP of 1.2313 in the next couple of days.
Lost....
Quoting TheForexDen
{quote} Quite literally the opposite is happening. Retail traders are adding to their shorts hence why price is continuing to rise.
Well data i have shows retail traders leaving shorts for long hence fueling GU bullishness but a retest is something i want to see before tapping in my long
Never, ever argue with your trading system
Quoting LitEU
{quote} Well data i have shows retail traders leaving shorts for long hence fueling GU bullishness but a retest is something i want to see before tapping in my long
https://www.myfxbook.com/community/outlook/GBPUSD

89% of retail traders are short GBPUSD.
Sold again at 1.2508... target 1.2408...
Moty bring your hammer sister
Quoting TheForexDen
{quote} https://www.myfxbook.com/community/outlook/GBPUSD 89% of retail traders are short GBPUSD.
The data you have is publicly shown to everyone, i cant trust that as my COT data and Retail traders sentiment is different so i try not to rely on cable alone for my analysis....

I don't own the market but Cable will go up right after a retest simple price action
Never, ever argue with your trading system
Quoting Whale
short level on chart {image}
if this comes off. I will be a happy man.
good luck with your trading
Sold with 20pips sl
risking 30% of my account
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Never, ever argue with your trading system
Quoting LitEU
{quote} The data you have is publicly shown to everyone, i cant trust that as my COT data and Retail traders sentiment is different so i try not to rely on cable alone for my analysis.... I don't own the market but Cable will go up right after a retest simple price action
COT data is reported weekly.

Myfxbook is based on over $2 billion in aggregate live accounts.

Good luck, hope your trade works.
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